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WIll The Housing Bust In Any Way Affect Manhattan Real Estate?

Manhattan real estate seems to be exempt to the housing bust. Is this likely to change? Will prices eventually go down here as well?

Perhaps to a objective, but Manhattan, NYC as a whole, is in a unique position in the housing market. There's no available space to add more housing, unless you thieve down existing housing, and more people pour into NYC every day. That's not going to change. There's such a shortage of housing cache in the city, that there will never be a shortage of demand. Just try to find an apartment! Because of the massive demand, the market will give birth to ridiculous prices for rental and purchase properties. There will come a time, anywhere else, that prices can't go higher. But in NYC there are more people who can give up those prices, and those who can't go across the river to NJ or even to PA. There's a lot of decent affordable housing in PA and people in the East understand the concept of commute. Here (midwest) I crab about the 26 miles I hustle to work, but if I lived in Easton PA and worked in Manhattan, I'd just accept it as a fact of life.

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How's The Manhattan Real Estate Market Doing?

I persevere in San Francisco and am looking at maybe buying a second home. But I dont' want to dish out more than 2M ideally. How has Manhattan been doing?

Are my only options a condo next to a brick wall in a bad neighborhood?

I'm not looking for Principal Park west or anything, but maybe something with a little charm.

I've announce that the real estate market has dropped there too. Good time to buy. I personally prefer Brooklyn Heights which is on the south side of the Brooklyn connect with quaint town houses lined with trees and some spectacular views of the city truthful on the East River. The area has a subway station that brings you right into Manhattan. If I were moving to New York that is where I would buy. I gone a lot of time as a G.I in NY when I was stationed in Maryland so I kind of know my way around. I love NYC.

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I'm Thinking Of Leaving My Career As A Lawyer To Rent & Sell Real Estate In Manhattan. Is This Crazy?

I'm not elated being a trial attorney, which is what I'm doing now, so I'm exploring other options. I've been considering real estate -- is there anyone with experience out there who can ooze some light on what it's like to be a real estate broker in NYC? THANKS!!!

Not for another 18-24 months will you get anywhere unless you have enough funds put aside to live out off of and tinker in the business slowly.

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How Much Is Real Estate In Manhattan? I Assume People Can Buy Apartments Not Just Rent?

Exceptionally the Upper West Side and other areas around Midtown well served by the subway.
If the prices are so expensive in every borough then how does the New York Megalopolis population of over 8 million people afford to live there? They can't all be earning over US$150,000 p.a.

Inescapable you can both buy or rent apartments in NYC, in Manhattan or in any other borough.

Most apartments for sale are "co-op" apartments. That means that you are de facto buying shares in the corporation that owns the building, and you get what is called a "proprietary charter out" to live in your apartment. All the tenents jointly govern the building through the co-op board.

The other gracious of apartment you can own is a "condo". With a condo, you own the actual apartment and the building is owned by the developer. The buidling is also governed by a table, which often has tenents on it, but the majority of the votes on the board belong to the owner of the building.

With a co-op, you pay "upkeep" fees, which include the real estate taxes and the payment for the underlying mortgage on the building, as well as oncosts for the building. With a condo, you also pay maintence, but only for the upkeep on the building. The taxes are your own responsibility and the underlying mortgage is the fault of the owner of the building. In both cases, of course, you will also have your own mortgage on your apartment. How high these maintainance fees are depends on how swanky your building is - does it have a doorman, for example?

On the Upper West Side of Manhattan, a two bedroom apartment could scope from 800,000 dollars to just over a million dollars for a co-op. Condos tend to be a smidgen more extravagant. But of course, location and amenities effect the price a LOT. And you should also consider how high the maintainance fees are, since that will device into your monthly costs tremendously!

Good luck!

PS: If you want a part of town that's a lot like the Majuscule letters West Side but cheaper, and you are willing to look outside of Manhattan, try Park Slope Brooklyn. That's where I tangible. Park Slope is no longer a bargain in any way - prices have gotten just out of control here lately, but it is still cheaper than Manhattan. And I'm always surprised by how much the Uppermost West Side and Park Slope are alike every time I visit the UWS! Two bedrooms here go for somewhere between 500,000 and 900,000. Ethical a suggestion.

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What Is The Best Website To Look At Real Estate In Manhattan?

Is there also a satisfactory website to get a feel for all the different areas so you can determine what area is best for you to live in?

Citi Habitats is hands down the friendliest and easiest Manhattan rental plat for beginners. Once you live here for a while and learn the area, look on craigslist under the no fee section. Until then check out:

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